News Release

WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 22, 2007--The Board of
Directors of Carpenter Technology Corporation (NYSE:CRS), at its
meeting yesterday, declared a quarterly cash dividend of $.30 per
share of common stock, payable September 7, 2007, to shareholders of
record on September 4, 2007. The ex-dividend date (the date the common
stock trades without the dividend) is August 30, 2007.